Question

Oakridge Ltd. gained control of Ventnor Ltd. by acquiring its share capital on January 1, 2009. The statement of ﬁnancial position of Ventnor at that date showed:

At January 1, 2009, the recorded amounts of Ventnor’s assets and liabilities were equal to their fair values except as follows:

All this inventory was sold by Ventnor in the following three months. The depreciable assets have a further ﬁve year life, beneﬁts being received evenly over this period. The tax rate is 30%.
At December 31, 2013, the following information was obtained from both entities:

Required
Prepare the consolidated ﬁnancial statements for Oakridge Ltd. at December 31, 2013.